Mr Chung believes the dragon fruit project could employ up to 500 people.

The NT's Minister for Primary Industry, Willem Westra van Holthe, says the agreement signed today paves the way for a project that will 'bring significant economic benefits to both countries'.

"This agreement allows us to case-manage the project, so we'll be assisting the CT Group with the approvals processes, help them identify land that may be suitable, help them through the issues of getting rootstock from Vietnam into the Northern Territory and helping them through all of the environmental approvals and everything else that needs to be done to get this up and running."

The CT Group is already a major producer of dragon fruit and through its network of small farms across Vietnam produced around 460,000 tonnes last year.

ABC Rural first reported the company's plans in March. To view that story click here.